Netflix was supposed to be the best enemy that the Canadian broadcast industry ever had.

The popularity of the unregulated U.S.-based subscription streaming service since its launch north of the border two years ago has increasingly frustrated companies whose platforms still have to play by the rules set by the federal regulator.

Bell Media president Kevin Crull was quick to allude to Netflix in response to the Canadian Radio-television and Telecommunications ruling that BCE Inc. could not follow through with its $3.38 billion acquisition of Astral Media, as he cited the need to compete with the “ever-encroaching, non-Canadian, entirely unregulated, over-the-top players and specialty channels.”

A similar subscription service was presented as part of the deal whose details were presented during the hearings in Gatineau, Que. last month. The programming rights that Astral holds through its channels The Movie Network and HBO Canada would have presumably held their own against the Netflix menu.

HBO has fielded its own share of criticism in the U.S. for not making its popular shows like Game of Thrones and Boardwalk Empire available for on-demand streaming by viewers who do not subscribe to the channel in the old-fashioned way. As a result, many of the cable cord-cutters who are willing to pay for HBO Go end up downloading the programs through unauthorized means. Naturally, viewers in Canada are used to doing that, too.

Bell executives failed to make that case to the CRTC, however, and have now vowed to appeal the decision to the federal Cabinet.

The move was applauded by opponents of media concentration — along with many subscribers frustrated by the ever-increasing charges associated with accessing content. Predominantly, the deal would have greatly expanded Bell’s footprint in Quebec, where Astral is based.

But putting the premium English channels in the control of Bell Media — which already owns CTV and 30 specialty services ranging from Discovery to TSN — was not considered to be in the consumer interest that new CRTC chairman Jean-Pierre Blais was appointed to stick up for.

Critics of the decision counter that the commission stepped in the line of progress. Chief among the critics are executives from Bell.

Astral’s stock price bore the brunt of it on Friday morning, though — the share price fell by more than 15% by noon.